In one way, Michigan could be called the “House that Ford Built”, as auto innovator Henry Ford introduced the first auto assembly line in 1913, ten years after the Ford Motor Company was established in Dearborn. Today, that landmark U.S. company employs over 150,000 Michigan residents and remains the heartbeat of Michigan economics and industry, even though leaner times for that industry have not rendered denizens debt free.
With its advantageous location beside Lake Huron and Lake Erie, Michigan is a hub for shipping from the interior states to its south.
Today, manufacturing ranks below jobs in the health and education industries in the state and is home to one of the greatest football rivalries in all of college sports when the Michigan Wolverines host the Ohio State Buckeyes every other year.
Is Michigan Debt Free?
On the surface, Michigan ranks low when it comes to credit card debt at just 47th in the U.S. with a $6,082 average debt per household. However, that number is skewed because Michigan citizens have one of the highest levels of personal bankruptcy in America which thus makes a lot of credit card debt disappear.
Higher than average unemployment rates, partly due to the hit the automobile industry has taken the past few decades has also increased medical debt and mortgage debt.
Student loan debt equals $47.2 billion dollars which makes sense since Michigan boasts some of the largest universities in America. The University of Michigan is in Ann Arbor while Michigan State University is in East Lansing. Other major cities include Grand Rapids, Lansing and Flint, hometown of filmmaker Michael Moore.
Michigan Debt Fast Facts
- Population: 10 million
- Median Household Income: $56,697
- Average Credit Score: 677 (national average is 669)
- Average Credit Card Debt: $6,082
- State Debt Total: $33.5 billion
Debt Resolution Laws That Aid Michigan Citizens
Disclaimer: The information shared herein is intended to be a free resource for Michigan consumers looking to dismiss debt and does not constitute legal advice.
Whether battling credit card debt, medical debt or private student loan debt, Michigan has long been known for passing laws that aggressively protect its citizens and seek to dismiss debt.
If you are embroiled in a deepening debt situation in Michigan, Resolvly can help find an expert team of seasoned debt resolution lawyers to help eliminate debt or at least dismiss debt as soon as possible.
The Fair Debt Collection Practices Act
There are many ways to get debt resolution and fight harassing debt collectors and avoid or defend a debt lawsuit. In one case, every consumer has specific rights invoking the federal laws outlined in the Fair Debt Collection Practices Act (FDCPA).
The FDCPA as it relates to Michigan residents specifies exactly what a third-party debt collection service can and cannot do. For example, a collector can only call an individual between the local hours of 8am and 9pm. In addition, collectors cannot harass individuals or threaten a citizen with bodily harm or the potential of arrest.
Whether battling credit card debt or medical debt, Michigan residents in debt also have the ability to stop collectors from repeat callings by sending a physical letter to the agency requesting a cease and desist from the pestering calls. If the FDCPA is violated, you can sometimes dismiss debt with the aid of a debt defense attorney who can help you get out of debt and also seek damages and attorney fees.
The Fair Credit Reporting Act
Another consumer protection law designed to assist Michigan residents from false or misleading credit information is the Fair Credit Reporting Act (FCRA). The FCRA protects the privacy and accuracy of your personal credit history. If an entity violates your rights outlined in the FCRA, there are legal actions that could not only dismiss debt, but earn monetary damages in addition to the recoupment of attorneys’ fees.
Let Resolvly Find The Right Debt Relief Lawyer
When it comes to dealing with debt – whether medical debt or credit card debt – ignoring the problem won’t make you suddenly debt free. Utilizing the legal referral service of Resolvly, can help you hire a lawyer to get out of debt by helping you understand your specific circumstances, and clear the path to debt relief and dismissing debt.
We work with consumer protection lawyers trained in debt relief to protect your rights, fight harassing debt collectors and hopefully eliminate debt completely.
Resolvly helps you hire a lawyer to hopefully dismiss debt and avoid debt collectors so that you can live debt free. Our goal is to help you attain true financial freedom and debt resolution. We offer a free consultation designed to refer you to a consumer defense attorney who will work to eliminate your debt. Simply call 844-479-3457 to speak with a debt freedom specialist who will help guide you on the path toward debt resolution so you can once again be debt free.